{"id":2492,"date":"2025-02-10T17:30:00","date_gmt":"2025-02-10T20:30:00","guid":{"rendered":"https:\/\/ventura-offshore.com\/mfn_news\/ventura-offshore-holding-ltd-settlement-with-umas-and-acquisition-of-the-catarina-17-5-profit-split\/"},"modified":"2025-02-10T17:30:00","modified_gmt":"2025-02-10T20:30:00","slug":"ventura-offshore-holding-ltd-settlement-with-umas-and-acquisition-of-the-catarina-17-5-profit-split","status":"publish","type":"mfn_news","link":"https:\/\/ventura-offshore.com\/en\/mfn_news\/ventura-offshore-holding-ltd-settlement-with-umas-and-acquisition-of-the-catarina-17-5-profit-split\/","title":{"rendered":"VENTURA OFFSHORE HOLDING LTD.: Settlement with UMAS and acquisition of the Catarina 17.5% profit split"},"content":{"rendered":"<pre>February 10, 2025 - Reference is made to the stock exchange release from Ventura<br>Offshore Holding Ltd (the \"Company\") published on 27 June 2024 and 23 July 2024<br>regarding the acquisition of SSV Catarina, a 2012 built semisubmersible drilling<br>rig which had previously been managed and operated by Universal Energy<br>Resources, Inc., a wholly owned subsidiary of the Company.<br> <br>As part the acquisition of the Catarina, it was agreed that UMAS 1 AS as sellers<br>of the rig, should receive 17.5% of the free cashflow generated by Catarina (the<br>\"Profit Split\") for five years, starting from the ENI Indonesia contract that<br>commenced 17 August 2024. The Company is pleased to announce that a settlement<br>has been entered into with UMAS 1 AS whereby the Company (through its<br>subsidiaries) has agreed to pay a lump sum amount of USD 8 million as full and<br>final settlement of: <br><br>-\tAny and all earnings under the Profit Split since the ENI contract<br>commencement 17 August 2024<br>-\tThe 17.5% Profit Split, and<br>-\tAll amounts outstanding in relation to the final accounts and working capital<br>of the rig in connection with its acquisition which was completed in July 2024 <br><br>Catarina is currently on a well-based contract with ENI Indonesia where it is<br>currently estimated that the current firm wells will keep the unit utilized into<br>fourth quarter of 2025. In addition to the current firm wells, ENI has options<br>for an additional five fixed-price wells, four in Indonesia and one in Vietnam. <br> <br><br>For further queries, please contact:<br>Mardonildo Filho<br>Chief Strategy Officer<br>+55 21 97166 1978<br>mardonildo.filho@ventura-offshore.com <br><br>About Ventura Offshore Holding Ltd.<br>Ventura Offshore Holding Ltd. is a deep water drilling contractor providing deep<br>water offshore drilling services to the oil and gas industry. The Company's core<br>activities are focused in the Brazilian offshore oil and gas market. The Company<br>owns and operates one drillship, DS Carolina, and two semisubmersible drilling<br>rigs, SSV Victoria and SSV Catarina, and manages one drillship, Zonda. The<br>Company is incorporated under the laws of Bermuda.<br><\/pre>\n<script>\n                Array.prototype.slice.call(document.querySelectorAll(\".mfn-footer.mfn-attachment\")).forEach(function (el) { el.remove() });\n            <\/script>\n        <div class=\"mfn-attachments-container\"><\/div>","protected":false},"excerpt":{"rendered":"<p>February 10, 2025 &#8211; Reference is made to the stock exchange release from VenturaOffshore Holding Ltd (the &#8220;Company&#8221;) published on 27 June 2024 and 23 July 2024regarding the acquisition of SSV Catarina, a 2012 built semisubmersible drillingrig which had previously been managed and operated by Universal EnergyResources, Inc., a wholly owned subsidiary of the Company. [&hellip;]<\/p>","protected":false},"template":"","class_list":["post-2492","mfn_news","type-mfn_news","status-publish","hentry","mfn-news-tag-mfn-lang-en","mfn-news-tag-mfn-type-ir","mfn-news-tag-mfn","mfn-news-tag-mfn-regulatory"],"_links":{"self":[{"href":"https:\/\/ventura-offshore.com\/en\/wp-json\/wp\/v2\/mfn_news\/2492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ventura-offshore.com\/en\/wp-json\/wp\/v2\/mfn_news"}],"about":[{"href":"https:\/\/ventura-offshore.com\/en\/wp-json\/wp\/v2\/types\/mfn_news"}],"wp:attachment":[{"href":"https:\/\/ventura-offshore.com\/en\/wp-json\/wp\/v2\/media?parent=2492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}